BlockBeats news, on December 19, according to the Hong Kong Economic Journal, the Secretary for Financial Services and the Treasury, Xu Zhengyu, stated on Friday (19th) during an event that as of the end of September this year, 36 applications for stablecoin licenses from various sectors had been received, and it is expected that some licenses will be issued early next year, prioritizing prudent reserve management, price stability, and anti-money laundering measures. He pointed out that the related measures not only protect investors but also help resolve potential disputes by establishing a clear compliance path, reducing ambiguities that could lead to trading conflicts.
The Hong Kong Stablecoin Regulation came into effect in August this year. A spokesperson from the Hong Kong Monetary Authority stated in October that the authority would review application materials and approve them according to the (Stablecoin Regulation) and relevant regulatory requirements. The license application has a high threshold, and only a few licenses will be issued in the first stage. Regarding the progress of the virtual asset trading service and custody service provider license system, He Zhengyu pointed out that they are working with the Hong Kong Securities and Futures Commission to establish the detailed content of the licensing system, with plans to submit it to the Legislative Council for review next year, emphasizing that the regulatory framework will cover key areas of the virtual asset industry, striving to achieve a balance between risk management and innovation. He reiterated that the Hong Kong government has 'carefully formulated' various policy measures, coordinating standards for the third generation of the Internet (Web 3.0) and digital assets to protect investor rights, ensure regulatory clarity and transparency, and promote international alignment, thereby creating an environment that fosters innovation without compromising stability. Previously, the People's Bank of China stated last month that stablecoins pose risks for illegal activities, and the market is concerned about whether this will affect Hong Kong's direction in implementing stablecoins.